HRF’s Weekly Financial Freedom Report #57

Burma | Military Junta Enacts Sweeping Cybersecurity Law

Burma’s military junta is notorious for repressing pro-democracy activists, freezing their bank accounts, and surveilling their financial activity. Now, it is expanding control over online spaces with a sweeping new cybersecurity law. The law requires digital platform service providers to store user data for three years and hand it over to state officials upon request. Non-compliant providers face fines, blocks, or shutdowns if they fail to remove content or limit the flow of so-called “disinformation.” The law also targets Virtual Private Networks (VPNs), crucial for Internet access and privacy. Those caught using VPNs face up to six months in prison and fines of up to 10 million kyats ($4,760). The criminalization of privacy tools and expansion of state surveillance leave the public censored and incapable of organizing against authoritarian rule.

Nigeria | Inflation Continues as State Closes Ways Out
President Bola Tinubu’s economic “reforms” — removing fuel subsidies, expanding the money supply, and devaluing the naira — have driven food inflation beyond 40%. In a country where the monthly minimum wage stands at just 70,000 naira ($45), this means two out of every three Nigerian households are struggling with hunger. In a recent Forbes article, Nigerian CEO of Recursive Capital, Abubakar Nur Khalil, observed: “As the Naira continues to face further devaluations and slips against the US dollar, it has become almost second nature for those in Nigeria to seek out viable alternatives in the form of bitcoin and USDT.” Individuals laboring under this regime often do seek a way out in the form of Bitcoin or stablecoins, but the government continues to try and restrict that activity, trying instead to trap citizens inside the sinking and surveilled naira.

Kazakhstan | Shuts Down Dozens of Digital Asset Exchanges

In 2024, the Kazakhstani regime shut down 36 digital asset exchanges with a combined turnover of 60 billion Kazakhstani tenge ($112 million). Authorities also confiscated 2.5 billion tenge ($4.8 million) in assets. The regime says it will continue to crack down on digital assets, but the reality is these kinds of exchanges are some of the only ways for people inside a dictatorship to obtain access to open money like Bitcoin. At the same time, the regime is promoting its central bank digital currency (CBDC), the digital tenge, which it developed in collaboration with Mastercard and Visa. While presented as a modern and convenient financial tool, the CBDC risks becoming a means for consolidating state control over citizens’ economic activities and leaving few avenues for preserving financial independence.

Belarus | Opposition Leader Condemns Upcoming Election as a Sham

At the end of January, Belarusians will head to the polls for a presidential election widely regarded as a sham. This election is the first since Alexander Lukashenko’s fraudulent reelection in 2020, which triggered mass protests and saw Bitcoin play a role in supporting pro-democracy movements. The upcoming election is expected to solidify Lukashenko’s grip on power, extending his rule beyond three decades and securing a seventh term. Under Lukashenko’s regime, thousands of dissenters have been imprisoned, silenced, or financially repressed for challenging state objectives and narratives. Opposition leader Sviatlana Tsikhanouskaya condemned the election, saying, “It is impossible to hold fair elections in a country where all the media are liquidated, all the parties are liquidated, and political leaders are in prison or abroad.”

Zimbabwe | Citizens Brace for More Currency Volatility

Zimbabweans are facing growing financial insecurity as the “ZiG” currency weakens further following a regime-imposed 43% devaluation in September. The sharp decline is eroding purchasing power, fanning inflation, and disrupting economic activity as the dictatorship siphons as much value as it can for its own uses, away from helping the people. “To plan using the local currency is to plan to fail,” says Christopher Mugaga, CEO of the Zimbabwe National Chamber of Commerce. These currency woes are compounded by drought-driven 18-hour power outages, placing immense strain on households and businesses alike. As profits dwindle, dissenting bank accounts are frozen, and disposable incomes vanish, many turn to US dollars and Bitcoin as lifelines to escape the chaos of an increasingly unstable ZiG economy.